Today’s Market Alerts, Corporate Action, Forthcoming Events
Market Alerts
*Cabinet approves Rs 19,744 cr for National Green Hydrogen Mission*
The Union Cabinet on Wednesday approved an initial outlay of Rs 19,744 crore for the National Green Hydrogen Mission. Addressing the nation on its 75th Independence Day in 2021, Prime Minister Narendra Modi launched a national mission for green fuels in line with the Centre’s stated target of making India energy-independent before completing 100 years of Independence. The mission will have four components that aim at enhancing domestic production of green hydrogen and promote the manufacturing of electrolysers — a key constituent for making green hydrogen. The initial outlay for the mission will include Rs 17,490 crore for strategic interventions for green hydrogen transition (SIGHT) programme, Rs 1,466 crore for pilot projects, Rs 400 crore for research and development (R&D), and Rs 388 crore towards other mission components, the Centre said in a statement. The initial target is to produce 5 million tonnes (mt) of green hydrogen annually.
*Citigroup cuts India’s current account deficit forecast to below 3% of GDP*
Citigroup lowered its projection for India’s current account deficit (CAD) to 2.9% of gross domestic product (GDP) for the current fiscal year, citing the growth in the country’s service exports and a lower oil price forecast. The brokerage had, in August last year, said it expected India’s CAD to be as high as 3.9% of GDP for the fiscal year ending March 2023. “The key surprise came from the phenomenal growth in services exports in the first half of the current fiscal year, which goes beyond just software services,” Samiran Chakraborty, chief economist for India at Citi, said in a note. Net exports of services rose 35% to $34.5 billion in the second quarter of the current fiscal.
*CCEA approves Rs 2,539 crore BIND scheme for modernising Doordarshan, AIR*
The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved a scheme worth Rs 2,539.61 crore for Doordarshan (DD) and All India Radio (AIR), in a boost to public sector broadcasting in the country. The investment, announced under the Central Sector ‘Broadcasting Infrastructure and Network Development (BIND)’ scheme, will be up to 2025-26 and will aim to modernise the two entities run by Prasar Bharati. It is also the largest investment outlay by the government for the two public broadcasters under the BIND scheme, media experts said. The Information & Broadcasting (I&B) Ministry had last year disclosed in the Lok Sabha that it had spent over Rs 2,300 crore to modernise DD and AIR between 2014 and 2021.
*Commodity play*
Gold – Rs 55816/10gm, Silver – Rs 69042/kg, Brcrude – Rs 5946/barrel, Degumsyoil – Rs 1296/10kg, Copper – Rs 717/kg.
*Corporate News*
Coal India, trade unions sign pact for 19% minimum guaranteed benefit.
Indus Towers appoints Prachur Sah as MD & CEO, to suceed Bimal Dayal.
RBI lifts ban on M&M Finance for outsourcing recovery, repossession agents.
SGX Nifty indicates positive start to Indian markets trading at 18143 levels up by 0.18% or 32 points. Dow Jones also ended yesterday`s session in green up by 0.40% at close.
Sector in focus – Banks, Automobiles, Chemicals & Media.
Corporate Action
IRB Infrastructure Developers has considered and approved the sub-division/split of existing equity share of the Company from 1 (one) equity share having face value of Rs. 10/- each, fully paid-up into 10 (ten) equity shares having face value of Re. 1 each fully paid-up, subject to the approval of shareholders of the Company.
KCD Industries India has considered and approved the sub-Division/Split of existing equity share of the Company from 1 (one) equity share having face value of Rs. 5/- each to 5 (five) equity shares having face value of Re. 1/- each. fully paid-up, subject to approval of members.
Dividend
11-Jan-23
WELENT: Special Dividend – Rs. – 7.50
IPO
Buyback
Jagran Prakashan: Ex-Date: 06-Jan-23
Softsol India: Ex-Date: 13-Jan-23
Dhanuka Agritech: Open: 26-Dec-22; Close: 06-Jan-23
Bonus
Rama Steel Tubes: Bonus Issue 4:1; Ex-Date: 06-Jan-23
Globe Commercials: Bonus Issue 1:1; Ex-Date: 06-Jan-23
KPI Green Energy: Bonus Issue 1:1; Ex-Date: 18-Jan-23
Stock Split
Supreme Petrochem: Stock Split From Rs. 4/- to Rs. 2/-; Ex-Date: 06-Jan-23
Rajnish Wellness: Stock Split From Rs. 2/- to Rs. 1/-; Ex-Date: 10-Jan-23
Vishnu Chemicals: Stock Split From Rs. 10/- to Rs. 2/-; Ex-Date: 13-Jan-23
Rights Issue
Indowind Energy: Ex-Date: 13-Jan-23
Hatsun Agro Products: Open: 19-Dec-22; Close: 09-Jan-23
RSWM Ltd: Open: 23-Dec-22; Close: 06-Jan-23
Anjani Portland Cement: Open: 30-Dec-22; Close: 19-Jan-23
Indowind Energy: Open: 27-Jan-23; Close: 10-Feb-23
Amalgamation
Pioneer Distilleries: Ex-Date: 06-Jan-23
Stock in Action & Forthcoming Events
Stock in Action
IndusInd Bank: IndusInd Bank reported strong business update for Q3FY23 with loan book witnessed robust trend with 19% YoY growth. CASA mix continues to remain healthy at 42%. Bank’s growth is likely to accelerate as key businesses, Vehicle & Micro finance undergo recovery. Deposits also witnessed healthy 14%% growth, with focus on ramping up Retail deposits. Currently, Retail & Small Business segment forms 42% of total deposits. Management is confident of 20% loan growth in FY23E along with margin in the range of 4.15 to 4.25% while credit cost should moderate to 120-150bp in FY23E and Cost to income ratio is likely to remain in the range of ~40-43%. Further, asset quality risks too are receding with GNPA / NNPA moderating to 1.7%/0.4% by FY24. Growth in Retail/Small Business deposits remains robust, growing by 6.1% QoQ and management is making g consistent progress on shoring up its Retail deposit mix. Positive on IndusInd Bank given the strong trend in loan growth, improvement in asset quality and healthy growth in deposit franchise.
Jindal Steel & Power: Jindal Steel & Power is expected to benefit from cost-efficiencies emanating from the recently acquired thermal coal assets and logistics infrastructure for both iron ore and coal. Mainly its captive coal supply from Gare Palma IV/6 and Utkal blocks likely to rise up to 5mtpa in FY24E and ultimately reach 15mtpa on full capacity utilization. Further, its captive thermal coal and iron ore to facilitate optimal yield of DRI plant and blast furnace respectively. The acquisition of Monnet Power assets will provide an opportunity for the company to improve the heat rate, resulting in lower usage of coal in the power plant. Besides, proximity to Utkal mine is likely to reduce operating costs. Positive on Jindal Steel & Power as the capacity expansion and cost efficiencies to aid the future earnings growth.
Forthcoming Event
05th January: K P Energy to consider Stock Split; VLS Finance to consider Buyback; Retro Green Revolution to consider Fund Raising; Symbiox Investment & Trading to consider Right Issue
06th January: Precision Wires India, R.P.P. Infra Projects, Satin Creditcare Network to consider Fund Raising
07th January: Mirch Technologies (India) to consider Fund Raising
09th January: TCS to consider Dividend
11th January: Bazel International to consider Fund Raising
12th January: HCLTECH to consider Dividend
13th January: WIPRO to consider Dividend; Goyal Aluminiums to consider Stock Split
18th January: PERSISTENT to consider Dividend
20th January: COFORGE to consider Dividend
27th January: Osia Hyper Retail to consider Stock Split